In re the DREXEL BURNHAM LAMBERT GROUP, INC.; Drexel Burnham Lambert Trading Corporation; Drexel Burnham Trade Finance, Inc.; Drexel Burnham Lambert Incorporated; BRR Incorporated; Deauville United Corporation; Double Oil & Gas Incorporated; Drexel Burnham Lambert (Asia) Ltd.; Drexel Burnham Lambert C.P. Inc.; Drexel Burnham Lambert Capital Group, Inc.; Drexel Burnham Lambert Caribe International Incorporated; Drexel Burnham Lambert Commercial Paper Incorporated; Drexel Burnham Lambert International Inc.; Drexel Burnham Lambert Investors Corp.; Drexel Burnham Lambert MBI Corp.; Drexel Burnham Lambert Products Corp.; Drexel Investment Holdings Inc.; First DBL Corporation; Drexel Burnham Lambert Government Securities Inc.; Drexel Burnham Lambert Realty Corp., Debtors.
SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee,
v.
The DREXEL BURNHAM LAMBERT GROUP, INC.; Drexel Burnham Lambert Trading Corporation; Drexel Burnham Lambert Trade Finance, Inc.; Drexel Burnham Lambert Incorporated; BRR Incorporated; Deauville United Corporation; Double Oil & Gas Incorporated; Drexel Burnham Lambert (Asia) Ltd.; Drexel Burnham Lambert C.P. Inc.; Drexel Burnham Lambert Capital Group, Inc.; Drexel Burnham Lambert Caribe International Incorporated; Drexel Burnham Lambert Commercial Paper Incorporated; Drexel Burnham Lambert International Inc.; Drexel Burnham Lambert Investors Corp.; Drexel Burnham Lambert MBI Corp.; Drexel Burnham Lambert Products Corp.; Drexel Investment Holdings Inc.; First DBL Corporation; Drexel Burnham Lambert Government Securities Inc.; Drexel Burnham Lambert Realty Corp., Defendants-Appellees,
Securities Litigation Claimants; Subclass A Representatives; Subclass B Representatives; Federal Deposit Insurance Corporation; Resolution Trust Corporation; Official Creditors Committee of Drexel Burnham Lambert Group, Inc.; Official Creditors Committee of Drexel Burnham Lambert Incorporated; Official Creditors Committee of Drexel Burnham Lambert Trading Corporation; Equity Committee of the Drexel Burnham Lambert Group, Inc., Appellees,
Hart Holding Company, Inc.; Reeves Industries, Inc.; Liggett Group Inc.; Liquid Green Trust; William Fries, II; John Lippitt; Jacquelyn Tribolet; William Nelson Harris, on behalf of themselves and all members of the Pacific Lumber Company shareholder plaintiff class; Citibank; Den Danske Bank; Lloyds Bank P.L.C.; Canadian Imperial Bank of Commerce, Appellants.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued January 27, 1992.
Decided March 27, 1992.
Attorney(s) appearing for the Case
Dennis J. O'Brien, Pittsburgh, Pa. (Joseph M. Ramirez, Eckert Seamans Cherin & Mellott, Pittsburgh, Pa., David S. Elkind, Reboul, MacMurray, Hewitt, Maynard & Kristol, New York City, of counsel), for appellants Liggett Group Inc., and Liquid Green Trust.
David T. Eames, New York City (Bodian & Eames, New York City, of counsel), for appellants Citibank, Den Danske Bank, Lloyds Bank PLC and Canadian Imperial Bank of Commerce.
Whitton E. Norris, III, Boston, Mass. (Jerome Gotkin, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Boston, Mass. and Mark Parry, Moses & Singer, New York City, of counsel), for appellants Hart Holding Co., Inc., and Reeves Industries, Inc.
Peter Gruenberger, New York City (Ira M. Millstein, Weil, Gotshal & Manges, New York City, of counsel), for defendants-appellees.
Melvyn I. Weiss, New York City (Milberg Weiss Bershad Specthrie & Lerach, New York City, Thomas D. Barr, Cravath, Swaine & Moore, New York City, David Berger, Berger & Montague, Philadelphia, Pa., Stanley Nemser, Wolf Popper Ross Wolf & Jones, New York City, of counsel), for appellees.
Richard Kirby, Washington, D.C. (Bruce McNally and Judith Starr, Washington, D.C., of counsel), for plaintiff-appellee S.E.C.
Before: ALTIMARI, WALKER and McLAUGHLIN, Circuit Judges.
United States Court of Appeals, Second Circuit.
McLAUGHLIN, Circuit Judge:
Appellants are three members of a proposed class of plaintiffs that have asserted claims against defendants-appellees Drexel Burnham Lambert Group, Inc. and its subsidiaries (collectively "Drexel"). Appellants ask us to reverse an order entered in the United States District Court for the Southern District of New York (Milton Pollack, Senior District Judge) certifying the proposed class and two subclasses, and approving a settlement...
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